Multifamily demand remains robust, with positive net absorption of 1.06 million apartment units since the second quarter of 2020 and asking rents rising 11.4% year over year on average across 390 markets tracked by Co-Star. Meanwhile, construction has declined compared to pre-pandemic levels, indicating that rent increases will remain above 10% in 2022 and vacancy rates will hover at below 5%.
Hot Rental Market
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